The Ripple is one of the well-known cryptocurrencies around the world, it is a gross settlement system which supports Te use if fiat currencies, cryptocurrencies and remittances. The ripple is a system which makes use of the cryptocurrency known as Te “Ripples”. The Ripples, also known as XRP which functions as a means of transacting between two or more people without the use of its shared ledger. The ledger allows people to be able to trade the ripples for real money in banks and other financial institutions. The ripples have been adopted by so many companies which include the Santander and UBS, it has also been used as a settlement payment in banks die to its payments speed within the network, the stability if the technology and ability of the ripples to function as a bridge currency.
The ledger of the ripples or XRP is an open source codebase that has the capability of performing more than 1500 transactions at once within a second. The ripple is very fast with its technology and the technology used varies from other types of method or payment mode used by the other cryptocurrencies. The ripple creates an avenue for the bank to be able to have a solid evidence of any transaction made with the use of the ripple technology.
At inception, about a hundred billion XRP coins were made by the company but 80 percent of the total ripple produced were released out by the financial market for sale. As it stands now, there are about 20 billion ripples that are yet to be released out to the financial market for the transaction. The ripple company as way of improving the used the cryptocurrency’s ledger in different banks, it plans to provide a kind of liquidity solution for all financial institutions which will create a way through which payments can be made in a faster way across borders and creating a transparent and cost-effective way as compared to the traditional form of payment.
The project of the xrp is one of the proposed solutions to an easy and faster form of transaction at a very cheap rate. The XRP also helps to save the third party through a transaction through the filtering of the third party’s collections, it can allow fR the transaction of money from the sender’s side to XRP and at the receiving end can also be converted into cash.
The usefulness of the ripple depends on the scalability and the speed at which transaction is made. Just like the traditional way of making payments, the transactions made within a country takes minutes while for transaction outside the country, it takes about two to three days to get the money on the receiving end. The Cryptocurrency is believed to have a very high potential of solving the rising problems of financial institutions before they year 2019 runs out. Even though the price of the ripple is quite low as at now, it is important to note that the collection of the project the ripple company is dealing with can cause a really big turnaround for the financial institutions and the users of the ripple as well.
Just like the bitcoin which is based on the blockchain technology and it has helped to solve lot of problems and will still solve more. The ripples cryptocurrency is believed to have the tenacity of making the dreams of so many people come true and bring a smile to the face of so many people around the world. A completion of the project can actually lead to the increase in the price and value of the ripples in the world market at large.